PANews reported on March 19 that, according to Decrypt, the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) revoked the registrations of 23 cryptocurrency service providers in an enforcement action. The Canadian Finance Minister stated that this crackdown marks a "significant acceleration in the pace of action," and the government will maintain this momentum. Two of the affected companies operate entirely in foreign jurisdictions. The FINTRAC website indicates that registrations can be revoked due to various compliance failures, including failure to respond promptly to information requests, ineligibility for registration, and failure to update records in a timely manner.

This enforcement action comes as Canada has adopted an increasingly stringent stance on cryptocurrency compliance. The Finance Minister stated that the government will continue to monitor and implement new measures to address the risks posed by cryptocurrency businesses, such as cryptocurrency MSBs and crypto ATMs.